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Impersonation fraud scenarios: How to protect, detect and respond
Cyber Security: A Peer-Reviewed Journal,
3
(1),
6-13
(2019)
Abstract
The new impersonation fraud scenario known as CEO/business e-mail compromise (BEC) fraud creates the highest concern among corporates in terms of fraud prevention, not only due to difficulties in protection and detection, but also due to risk of high financial losses. The modus operandi for impersonating someone’s identity is nothing new and not at the forefront of identity fraud; it can simply consist of a false signature on a legal document by an individual pretending to be someone they are not. The new generation fraudster will, however, attempt to exploit the digital identity rather than the personal one — or both. This paper explores how the new impersonation fraud scenarios may result in significant financial losses and offers advice on how to protect, detect and mitigate this emerging threat.
Keywords: BEC; CEO; risk; fraud; compromise; mitigation
The full article is available to subscribers to the journal.
Author's Biography
Mario Bruno is a lead investigator with Citigroup and part of the EMEA Citi Fraud Investigations Team, investigating corporate fraud and financial crimes, including those with a relevant social engineering and cyber component. Mario spent several years serving with the Italian Police and, prior to joining Citi, served as specialist within the Serious Organized Crime Unit at Europol. He holds a Bachelor’s degree in public administration, a Master’s in criminology and is a Certified Fraud Examiners (CFE) and a member of the Europol Advisory Group on Financial Service.
